Are you thinking of starting your franchise journey but myths and misconceptions are holding you back? Here at The Cat Butler, we know the facts from the fiction with regards to franchising. In this post we look at the most common myths regarding franchises and set them straight!
Myth 1: A Franchise costs more than starting your own business
Compared to starting a business from scratch, a franchise is so often a much better financial decision. One of the main reasons being that a lot of things are included within the initial cost. Such as:
- A website within the brand & company email address
- Initial supply of promotional leaflets, branded stationery and business cards
- A pack of branded clothing/uniform
- Bespoke operational software to manage the business
- Training and so much more
There are many different franchise opportunities out there and they all come with varied price tags. Depending on the size of the franchise can depend on the cost, some can be started from just a few thousand pounds, offering everything you need to get up and running. A number of franchises can also be run from home, eliminating a business premises and the additional costs, which allows you to get started quickly.
Myth 2: Working With A Franchisor Means No Freedom
It is true that when you join a franchise, you are agreeing to follow the business model. This business model is proven to be successful, so this is not such a bad thing!
You have the control of how your branch or territory is run. You will be the one speaking with clients and organising your staff. You may be provided with the marketing materials, but you often will be the one doing the marketing for your own business.
Working with a franchise offers the benefit of gaining vital knowledge and experience from your franchisor; they offer support to help you face through the many challenges that come with running a business.
Myth 3: You Need To Be an Expert Within The Industry
This myth goes hand in hand with needing to have run a business previously, and both are strictly false – experience is useful but it is not always essential. Joining a franchise is a great way to branch out into a new career path, in an industry you may not have worked in. Just make sure you have an interest in the industry you are choosing as a business always works better when there is passion behind the brand! Franchisors do not typically require you to be a previous business owner, you are provided with all the essential tools it takes to make your business thrive.
Myth 4: No Time For Yourself
This is definitely true when building a new business from scratch, it requires all of your time to be able to grow a business from the ground up. When joining a franchise, they already have a model on which to build your territory, and most of the hard work has been done for you with regards to the set up. If it’s the direction you’re looking to go, you may also eventually hire a team of individuals who support the business and keep it running whilst you can have more time for yourself.
Myth 5: A Franchise Will Be Profitable Without Any Hard Work
Wouldn’t that be nice? Though this one is not true, franchises are known for their high success rates and this is driven by the hard work of the franchisees delivering an excellent service to their customers. There is no 100% guarantee of success with any business, you always need to put in the hard work. Unlike going it alone, being part of a franchise does offer the stability of support, and you have the advantage of being provided with the necessary tools, support and the benefit of the brand already having a solid reputation.
When you are looking into a franchise investment is it always best to do your research, as with any big decision in life and don’t believe everything you hear, as we know, it could just be a myth!